Does a 1004D recert of value require a drive by inspection?

[Fernando]

When you sign an appraisal, you are responsible.
Thus reviewers have a high expectation as last recourse to catch a bad appraisal.
Responsibility I don't want to take unless employer has good insurance.

 

[gorillakimchi]

Make sure you read and understand the SCOPE OF WORK which is right on the 1004D form. So if you read these, you will see that YES, exterior inspection us required. More important is YOU MUST CONCUR WITH THE ORIGINAL APPRAISAL. You are accepting co-responsibilty for the original appraisal.

Well informed Thank you!

 

[gorillakimchi]

To answer the question of the headline of the thread, absolutely. You wanna make sure there’s no significant changes to the subject property since the original appraisal.

But here’s the problem…..


I wouldn’t do this as I did not do the original report. They’re just looking to get another appraisal out of you on the cheap. I wouldn’t care if they sent me the original report.

Understood... it sounds a bit risky

 

[ZZGAMAZZ]

Understood... it sounds a bit risky

The ultimate in "risky" is being too cautious...

 

[Surf Cat]

Can an appraiser who performs a 1004D as follow-up to the original appraiser/appraisal scope away responsibility for anything other than the value comparison, with a personal cert of sorts?

LOL……No.

Have a read of Fannie Mae’s appraisal age, and use requirements. This goes for the OP too.

 

[glenn walker]

I would drive by and take a front
and street photo just to make sure it's still standing. I once did a home with a 3 car detached garage and a few months later HUD contacted me saying a field review noted there was no garage. I called owner and he had bulldozed it down the week after it closed escrow. Thank god I had photos. But with fires and all the hurricanes you never know so yes i would drive bye and take some photos with time stamp.

 

[Dublin ohio]

I respectfully disagree.

If the substitute appraiser identifies issues with the original report, they may be held liable for failing to detect them, especially if they certify the value has not declined.

Anybody that does reviews has been in the situation where the appraisal itself might be a cluster but you can't argue with the value. Even if you don't agree with how they got there

 

[gorillakimchi]

I would drive by and take a front
and street photo just to make sure it's still standing. I once did a home with a 3 car detached garage and a few months later HUD contacted me saying a field review noted there was no garage. I called owner and he had bulldozed it down the week after it closed escrow. Thank god I had photos. But with fires and all the hurricanes you never know so yes i would drive bye and take some photos with time stamp.

Wow bulldozed thanks for sharing your experience!

 

[gorillakimchi]

The ultimate in "risky" is being too cautious...

Haha that's so true

 

[Surf Cat]

Anybody that does reviews has been in the situation where the appraisal itself might be a cluster but you can't argue with the value. Even if you don't agree with how they got there

What’s your thoughts on Fannie’s requirements regarding a substitute appraiser doing the update though?

"The appraisal update must occur within four months prior to the date of the note and mortgage.

The original appraiser should complete the appraisal update; however, lenders may use substitute appraisers. When updates are completed by substitute appraisers, the substitute appraiser must review the original appraisal report and express an opinion about whether the original appraisers opinion of market value was reasonable on the date of the original appraisal report. The lender must note in the file why the original appraiser was not used”.

To me….the word "must" constitutes a review assignment “on top” of the update assignment. so, yes, this can be done but the scumbag AMC is only looking at a $75 update fee seeing if they can take advantage of the green appraiser who’s not familiar with these.

It would be easier if the OP just did a new assignment.